Chinese Steel Mills Ramp Up Production Amid Virus Concerns

The survey cited early signs of economic recovery in the country.

SEATTLE (Scrap Monster): The total amount of steel produced in China recorded increase during the month of April this year.

The survey carried out among 247 blast-furnace and 71 electric arc furnace (EAF) steel producers across the country found that daily crude steel production hit 2.67 million metric tons per day during the initial ten days of the month. This is the highest level in almost three months. When matched with the last 11 days of March, the production recorded a gain of almost 47,100 metric tons per day.

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The survey cited early signs of economic recovery in the country. The domestic steel consumption levels of construction steel in the country appears to have returned to near-normal levels, said the survey. The rising steel consumption is considered as a positive sign, as it will help alleviate fears of global steel glut. The consumption is expected to rise further in Q2 2020, mainly on account of government stimulus programs.

The country had witnessed drastic decline in manufacturing and construction activity in Q1 this year. However, finished and semi-finished steel production continued to remain robust. Even in February, when the country had declared lockdown on account of virus outbreak, the monthly crude steel production had recorded 5% surge over the year. The Feb ’20 production by the country had totalled 74.8 million metric tons.

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